Overview
STEEL DYNAMICS INC
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $18.18B
- 3.6%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.39B
- 14.6%YoYdown from FY2024
- GrossProfit
- Operating income
- $1.48B
- 24.0%YoYdown from FY2024
- OperatingIncome
- Net income
- $1.19B
- 22.9%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $7.99
- 18.8%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 148.4M
- 5.0%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- STEEL DYNAMICS INC reported revenue of $18.18B for fiscal 2025, up 3.6% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 8.1% and net margin was 6.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $7.99, down 18.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 24, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $18.18B3.6%up S&P 500 6.4% | $17.54B6.7%down S&P 500 4.5% | $18.80B15.6%down S&P 500 4.8% | $22.26B20.9%up S&P 500 10.3% | $18.41B91.7%up S&P 500 13.8% | -0.3% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $2.39B14.6%down S&P 500 6.8% | $2.80B30.7%down S&P 500 5.5% | $4.05B33.9%down S&P 500 5.2% | $6.12B14.1%up S&P 500 8.3% | $5.36B273.8%up S&P 500 15.7% | -18.3% S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $1.48B24.0%down S&P 500 7.3% | $1.94B38.3%down S&P 500 7.4% | $3.15B38.1%down S&P 500 4.9% | $5.09B18.4%up S&P 500 7.5% | $4.30B407.7%up S&P 500 23.5% | -23.5% S&P 500 7.2% |
| Net Income | $1.19B22.9%down S&P 500 4.8% | $1.54B37.3%down S&P 500 5.7% | $2.45B36.5%down S&P 500 1.9% | $3.86B20.2%up S&P 500 1.3% | $3.21B483.5%up S&P 500 33.9% | -22.1% S&P 500 4.1% |
| EPS (Diluted) | $7.9918.8%down S&P 500 6.2% | $9.8432.8%down S&P 500 7.9% | $14.6430.0%down S&P 500 1.9% | $20.9234.4%up S&P 500 1.5% | $15.56500.8%up S&P 500 34.8% | -15.3% S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $16.42B9.9%up S&P 500 5.6% | $14.94B0.2%up S&P 500 3.4% | $14.91B5.3%up S&P 500 4.1% | $14.16B13.0%up S&P 500 2.2% | $12.53B35.2%up S&P 500 6.7% | 7.0% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $7.49B25.0%up S&P 500 6.4% | $5.99B1.3%down S&P 500 1.9% | $6.07B0.1%up S&P 500 2.9% | $6.06B2.4%down S&P 500 2.0% | $6.21B26.3%up S&P 500 5.2% | 4.8% S&P 500 4.4% |
| Stockholders' Equity | $8.79B1.6%down S&P 500 6.8% | $8.93B0.8%up S&P 500 5.4% | $8.87B9.1%up S&P 500 7.3% | $8.13B29.0%up S&P 500 2.5% | $6.30B45.1%up S&P 500 9.0% | 8.7% S&P 500 6.1% |
| Cash & Equivalents | $0.77B30.6%up S&P 500 5.2% | $0.59B57.9%down S&P 500 1.9% | $1.40B14.0%down S&P 500 6.7% | $1.63B30.9%up S&P 500 -8.6% | $1.24B9.1%down S&P 500 -2.9% | -11.3% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $4.21B†30.3%up S&P 500 2.3% | $3.23B†5.2%up S&P 500 0.1% | $3.07B†0.0%unchanged S&P 500 0.1% | $3.07B†1.1%down S&P 500 0.1% | $3.11B†0.1%up S&P 500 0.0% | 7.9% S&P 500 3.7% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.45B21.4%down S&P 500 6.3% | $1.84B47.6%down S&P 500 4.8% | $3.52B21.1%down S&P 500 9.9% | $4.46B102.4%up S&P 500 -0.7% | $2.20B123.3%up S&P 500 10.7% | -9.9% S&P 500 7.0% |
| Capital Expenditures | $0.95B49.2%down S&P 500 5.4% | $1.87B12.7%up S&P 500 2.8% | $1.66B82.4%up S&P 500 11.3% | $0.91B9.7%down S&P 500 14.0% | $1.01B16.0%down S&P 500 8.1% | -1.5% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $0.50Bn/m S&P 500 7.3% | negative: -$0.02B101.3%down S&P 500 6.1% | $1.86B47.6%down S&P 500 8.8% | $3.55B196.5%up S&P 500 -11.3% | $1.20Bn/m S&P 500 10.2% | -19.6% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.7%
Wall Street
on net earnings
FY2024 8.6%
2.0%
Value investor
on free cash flow
FY2024 negative: −0.1%
Gap −2.7 pts: Value-investor figure 2.7 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 21.2×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.1%
Wall Street
on EBITDA
FY2024 11.9%
5.2%
Value investor
on EBIT
FY2024 9.6%
Gap −1.9 pts: Value-investor figure 1.9 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 14.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
34.9%
Wall Street
on book equity
FY2024 50.2%
31.7%
Value investor
on tangible book
FY2024 46.2%
Gap −3.2 pts: Value-investor figure 3.2 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 2.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
13.4%
Wall Street
ROE: net income ÷ equity
FY2024 17.3%
8.7%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 12.1%
Gap −4.7 pts: Value-investor figure 4.7 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
11.2%
Wall Street
EBITDA margin
FY2024 13.8%
2.8%
Value investor
Free-cash-flow margin
FY2024 negative: −0.1%
Gap −8.4 pts: Value-investor figure 8.4 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
3.06×
Wall Street
Current ratio
FY2024 2.53×
1.29×
Value investor
Quick ratio, inventory excluded
FY2024 1.08×
Gap −1.77×: Value-investor figure 1.77 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.48×
Wall Street
EBITDA ÷ total debt
FY2024 0.75×
0.12×
Value investor
FCF ÷ total debt
FY2024 negative: −0.01×
Gap −0.36×: Value-investor figure 0.36 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.70×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
28.9×
Wall Street
EBITDA ÷ interest
FY2024 43.0×
21.1×
Value investor
EBIT ÷ interest
FY2024 34.5×
Gap −7.8×: Value-investor figure 7.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on STLD yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on STLD and publish the result to your public profile.
Cite this page
Data as of Oct 24, 2026. Canonical address: https://valuein.biz/data/STLD
Valuein. (2026, October 24). STEEL DYNAMICS INC (STLD) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/STLD
@misc{valuein_stld_2026,
author = {{Valuein}},
title = {STEEL DYNAMICS INC (STLD) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/STLD}},
note = {Data as of 2026-10-24; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001104659-26-021395
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing